Exodus Introduces Apps, Starting with Compound.Finance
Since our beginnings as a 2-person team in 2015, our mission has always been to empower you to control your wealth.
Your ability to secure, manage, and exchange your crypto assets was Step 1.
With the addition of the first app in Exodus, Compound.Finance, you’ll now be able to use Compound to earn high interest on your crypto assets, further enabling your departure from the traditional finance system.
The promise of smart contracts is finally being realized with the rise of innovative decentralized applications (Dapps), especially those in the decentralized finance (DeFi) space.
Compound.Finance is one of the premier DeFi apps. And with a couple of clicks, you can start earning interest on Dai stablecoin through Compound, right from your Exodus wallet.
In effect, you get a high interest savings account, in a world where savings accounts pay no or even negative interest (you pay the bank to hold your money!). Currently, DAI interest on Compound pays 26 TIMES more than the average US savings account (2.32% yearly interest vs. 0.09% yearly interest).
However, the interest rate changes and has been as high as 8.08% recently (90 times more than the average US savings account). 8% is also about the average return of the US stock market over the long-term - not including shorter-term recessions and economic shocks caused by things like coronavirus. Therefore, you can potentially get the stability of dollars but with the returns of the stock market using Compound!
But that’s not all:
- As the name would suggest, the interest you earn compounds. In other words, any interest you earn is added to your initial DAI deposit, allowing you to grow your wealth that much faster!
- On top of that, guess how often you earn interest? Every month? Try every 10-15 seconds (every Ethereum block)
- There is no minimum deposit
- You can use Compound as long as you like, without any penalties
- And there is no ID verification, KYC, or location restriction. Anyone from anywhere can start earning DAI interest today. That’s the true meaning of “permissionless” 😉
Aside from all the benefits we’ve mentioned, Compound also does nearly $22 million in daily volume (lending and borrowing) as of writing, with 18,284 users (lenders and borrowers) trusting their assets to the protocol. We only expect these numbers to grow, since the value of crypto that users have allocated to Compound continues to grow tremendously:
Moreover, Compound’s team is highly capable having held leading roles at the popular delivery app Postmates. Their General Counsel Jake Chervinsky is also an expert on crypto law and known for his commentary on bleeding edge issues at the intersection of crypto and law, such as the SEC vs. Kik case as well as stablecoins.
In addition, the investors who helped fund Compound’s initial development include the likes of Andreessen Horowitz. For reference, Marc Andreessen created the first popular web browser - you know, that thing you’re using to read this 😉. People like that have the ability to spot potential, or so we’d like to think!
Therefore, Compound not only offers great features like high interest earnings but also is an established and growing cornerstone of the rapidly expanding DeFi ecosystem. We at Exodus promise to make Compound as easy to use as possible with your Exodus wallet!
(For more info on how Compound’s magic works behind the scenes, see our Compound.Finance review)
Conclusion: Welcome to the Future
What started as two Co-Founders fed up with Old Finance (OldFi) has evolved into a team of 70 spread across the world. Exodus has also become one of the top crypto wallets with over 4 million downloads and one of the highest ratings on the App Store and Play Store.
We believe in this movement so much that all of us at Exodus get paid in Bitcoin. You have to both love crypto AND use it to work at Exodus.
But for a long time, all you could do with crypto was control your wealth. With the introduction of protocols like Compound.Finance, we’re finally seeing the promise of smart contracts and how they can take blockchain technology beyond just payments.
Adding apps to Exodus is the biggest change we’ve made to Exodus in a long time and wasn’t without endless hours of careful consideration.
Whether it’s growing your wealth with Compound or other exciting apps we have waiting for you, your Exodus wallet will become more than just another crypto wallet. It will become a portal for you to access the new, decentralized Internet. All of this in the easy to use design you’ve come to know Exodus for:
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.